On Friday market watchdog SEBI iterated that stock exchanges need to ensure that on receiving investor complaints they are resolved within a timeline of 15 working days. In a circular the SEBI said this is to strengthen the grievance redressal system. "Stock exchange shall ensure that the investor complaints shall be resolved within 15 working days from the date of receipt of the complaint," Sebi said.
Also, IGRC or Investor Grievance Redressal Committee (IGRC) would not put away the complaint on the premise that the case is complex or there isn't enough information available. Furthermore, any expenditure by the IGRC in resolving the complaint will be borne by the respective stock exchange and complainant will not be charged any amount.
Any in case there is any information needed from the complainant it shall be sought within 7 days of receiving such complaint.
Also, exchanges will need to compulsorily maintain record of all such complaints that are resolved within the stipulated timeline of 15 working days and for those that are not resolved for any reason also the reason has to be maintained in records.
Further, SEBI opines that all service related disputes needs to be addressed by the stock exchanges. Service-related complaints include non-receipt or delay of account statement, non-receipt or delay of bills, closure of account, technological issues, improper service by staff, freezing of account, alleged debit in trading account and demat account transferred without permission. For complaints concerning trade, settlement and 'deficiency in services' that amounts to any kind of financial loss, the exchanges would resolve the complaint on its own as per the time lines prescribed, Sebi said.
But in a case when the complainant isn't satisfied with the resolution, the complaint can then be forwarded to be taken up by the IGRC after the reasons are recorded in writing by the bourses' chief or any other authorized official.
"It shall be the responsibility of the stock exchange to provide documents/ necessary information after collecting the same from the member and/ or the complainant and provide necessary assistance to IGRC to ensure resolution of complaints in a timely manner," Sebi said.
With PTI Inputs